TEAM, Inc. (NYSE:TISI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
(b) On July 21, 2017, Mr. Vincent D. Foster notified Team, Inc. (“Team” or the “Company”) and its Board of Directors (the “Board”) of his decision, effective July 21, 2017, to resign from the Board to ensure there are no interlocking directorates under Section 8 of the Clayton Antitrust Act of 1914 (the “Clayton Act”). Mr. Foster’s resignation also applies to his roles as Chairman of the Audit Committee and his membership on the Executive Committee and the Corporate Governance and Nominating Committee of the Board. As a result of Mr. Foster’s resignation, the Board intends to reduce the size of the Board to seven members.
In addition to having served on the Board of Team, Mr. Foster serves on the Board of Directors of Quanta Services, Inc. (“Quanta”). It was determined that following a recently announced acquisition by Quanta, Mr. Foster could not continue to serve on the boards of both Team and Quanta without invoking Section 8 of the Clayton Act. Mr. Foster’s resignation was not the result of any disagreement between the Company and him on any matter relating to the Company’s operations, policies or practices. The notification letter from Mr. Foster is attached hereto as exhibit 17.
Item 5.02 Financial Statements and Exhibits.
(d)Exhibits.
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Exhibitnumber |
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Letter of resignation from Vincent D. Foster. |
TEAM INC ExhibitEX-17 2 exhibit17foster.htm EXHIBIT 17 Exhibit Exhibit 17Vincent D. Foster1300 Post Oak Blvd.,…To view the full exhibit click here
About TEAM, Inc. (NYSE:TISI)
Team, Inc. is a provider of specialty industrial services, including inspection and assessment, required in maintaining high temperature and high pressure piping systems and vessels. The Company conducts its operations through three segments: Inspection and Heat Treating Services (IHT) Group, Mechanical Services (MS) Group and Quest Integrity (Quest Integrity) Group. The IHT Group offers inspection services and heat treating services. The MS Group offers both on-stream services and turnaround/project related services, such as leak repair services, fugitive emissions control services, hot tapping services, field machining services and technical bolting services, valve repair services, heat exchanger and maintenance services, isolation and test plug services, valve insertion services and project services. The Quest Integrity Group offers integrity management solutions to the energy industry in the form of quantitative inspection and engineering assessment services and products.
